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pressed obama his response was, well, under bill clinton there was great economic prosperity. the whole answer of obama is about bill clinton and now nifty the economy was under him. i got to tell you i would have given a limb to see mitt romney turn to the president and say, mr. president, i knew bill clinton. [laughter] our ideas work, their ideas don't. the last four years our economy has grown 1.5% a year. that is less than half the historical average. for 70 years, we have averaged 3.3% growth a year. now, this president is fond of saying he inherited the worst economy in the history of the universe. [laughter] >> and everything by the way, is george w bush's fault. he doesn't have much historical memory when he makes that argument. any of all remember 1978, 1979, double-digit unemployment, 22% interest rates, gas lines, stagflation. in 1980, a very, very different president got elected. ronald reagan like barack obama inherited a struggling economy. and reagan implemented policies 180 degrees opposite those of obama. instead of jacking up taxes, he slashed taxes. instead of explod
years. both sides working. bill clinton was here, -- i would get up and make a speech. explaining stuff. he's more of a rock star than i'll are ever be. i just want to thank bono. [applause] i want to thank bono for stepping away from the microphone. i knew he couldn't rhyme. i'm glad he can fall back on adding and subtracting. as you know -- [laughter] [applause] , i mean, the one campaign, it might be the one thing all of us can agree on. [laughter] and all of this happens without social media. can you imagine what you can accomplish turbo charged? the power of these two is the power of technology the leverage they give us if they're willing to use it. i think we're. i know we are. i know, you are. whether you join one or buy red or join in ngo, we work alongside, we need you engaged in this fight. it's the defining struggle of our age. and it's not just aid. just getting smarter and smarter. it's trade and investment. social enterprise. working with the citizens i are to help unlock their domestic resources so they can do it for themselves. think anyone in africa likes aid? come on.
problems quickly is for that bill to pass through the house. >> the qwest tsin is a few list into what president clinton said overt secretary rate to said that the same version of for the long term sustainability we have to fix the deficit. clinton said that this get the deal to make it ironclad but delay its one-year or two. right now we a continuation of simulation. but do you agree with the conversation to have a grand bargain in to defect right away? o.r. do you agree so as some people. >> my job is economic policy adviser. as an economist, the right strategy is to get our hasselhoff's and order. and to show that we can do those commitments will require additional revenue along with cuts. we want to help in the short term. the president proposed tax cut is to help in the short run. good group with the lowest marginal propensity consumed and the cbo released report which concluded extending the middle-class tax cut would create one point* 6 billion jobs compared to allowing them to expire. that mrs. the fact if you take revenue if you use that to hire more schoolteachers or provide
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